ArcelorMittal (MT) is considering a 5 billion Brazilian reais ($960.8 million) expansion of its Pecem steel mill in Brazil and expects to make a final investment decision by the end of the year, Bloomberg reported Wednesday, citing a senior company executive.

Jorge Oliveira, CEO of ArcelorMittal's Brazilian operations, said the proposed investment would increase the plant's annual capacity by 1.5 million metric tons through a new hot-rolled coil line, according to the report.

The project would allow the company to convert more Brazilian slab production into higher-value steel for domestic and other markets, the report said.

ArcelorMittal did not immediately respond to MT Newswires' request for comment.

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